Expanding into a developing market is far more complex than choosing to set up or remain on home turf. It will require a new outlook on how you reach, engage and trade with your audience. This new outlook is, of course, the Internet–a tool you should be harnessing for all eCommerce, but one which is essential to ensure you encourage international growth and keep up with the competition. And, within the developing market at least, it certainly pays off too. eCommerce sales in regions such as Latin America, India and the Middle East are through the roof, demonstrating a demographic ripe for new brands. In fact, statistics released earlier this year showed that Asia-Pacific is set to surpass North America in B2C eCommerce, making it the world’s number one market for this category of online sales. It’s also the biggest advocate of mobile eCommerce, responsible for well over a third of all users. And now Latin America is emerging as a market that loves mobile shopping, with figures predicted to grow exponentially in the next three years.
All this is yours for the taking, and it comes with a relatively low risk thanks the nature of the online platform. But, you won’t get there without some groundwork. According to Capita Translation and Interpreting, it’s essential that you target your new market appropriately by investing in effective marketing and website localization.
Going to a new market with a product or service wrapped up in the exact same way as it is on the other side of the world will see you fall at the first hurdle. To truly harness the opportunities in international eCommerce growth, you’ll need a solid company-wide understanding of your new territory and a strategy that demonstrates true knowledge of the country’s potential for eCommerce and the challenges you may face.
As markets that were once ignored step into the spotlight, they will no longer be ignored by big business. And the emergence of these regions into the world of eCommerce couldn’t have come at a better time. As the recession maintains its grip on much of the western world, it’s do or die for retailers. Now is the time to make the move to reach out to a new regional audience, with a well-researched business strategy for local demands and preferences, and an appropriate translation and localization plan.
Georgia Penny is a writer for Business for Capita Translation & Interpreting, one of the UK's leading translation and interpretation services.